Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Finwittrader - great insight and great to hear that the pressure of the SHG is bearing fruit, thanks for all your efforts with this.
A quick question, presuming Anavio had war gamed out what would happen if they rejected the JV and refused to inject any gas surely they must have predicted Summit calling a forbearance agreement and placing a CRO in place. I half thought Summit may have been acting in concert with Anavio to carry out their plan but if Peter is indeed swinging the axe on behalf of the senior lender (rather than Anavio stooges resigning once their hatchet job was done) then what’s gone wrong with the Anavio plan to steal the asset on the cheap?
Saint Nick - in that scenario would the share price not immediately rerate higher? COPL with the intention to continue operation, and debt free, would become a going concern. The fraudulent parties would have stolen 95% of it on the super cheap but as it’s currently priced to go caput would the market not mark it higher even accounting for the massive dilution.
Not that I care at this point, just want to see Richardson et al pay for their crimes
Given the corrupt nature of the BOD it wouldn’t surprise me if they did an equity raise or another bond financing to keep this going for another 12 months so their mandatory offer becomes absolutely negligent. Why buy at 8p when you can buy at 0.15
The question remains what is the company’s next move? Kravitz has a month to put together a plan for the senior lender (if we can trust anything that was written about the forbearance agreement). He’s now CEO.
Gupta has gone, Cowan has gone, Richardson is not listed on company’s house but is on the RNS announcements. What is the BoD response to the Shareholder group demands and what is their proposed next step operationally? These are still unknowns for most.
All the BoD had to do was make a load of money (shared with PIs) instead of greedily trying to steal ALL the money including PIs. Literally just signing a JV to make everyone very rich would have seen none of this be necessary. Pure greed. Hope they get what’s coming to them.
Thanks RBM, you have my support
What I don’t understand is the SL role in all of this. So they want their 130mill back. If Kravitz sells the assets to get the money then Anavio don’t win (unless they somehow control the buying entity that receives the assets) . If Anavio provide a take out offer to take the company private then they still need to pay off the SL and find the money from somewhere. So unless the SL and Kravitz are in on the scam too I’m not sure how both parties end up with what they want here?
Winnifrith and his lap dog Gary Newman have also gone very quiet on twitter after previously posting almost daily.
No word from Kravitz in all this yet. He’s got a month to get a cash generative business plan together. Is he representing the SL as suggested or was he the final piece in the anavio puzzle to carry out the last leg of the plan? Surely if he had anything about him he’d be asking the same questions we all are, where has the cash gone, why wasn’t the gas injected, why couldn’t financing be arranged given the assets, why was the JV offer rejected.
Appreciate your response Shaa and all your efforts on behalf of shareholders!
Shaa - can the large SHG see any path forward for regular shareholders. It’s great to see such anger amongst shareholders having some effect but like anything else the danger is it dissipates over time. Anavio effectively have control over the company now after the recent financing. I know strategy can’t be revealed but I would assume that most shareholders would like to think there’s at least some hope or they wouldn’t be checking this BB every day!
Finwittrader thanks for your response to my post this morning. Keep fighting the good fight with RBM et al. all genuine long term shareholders truly appreciate it.
Finwittrader - do you know if the change in their MO is a positive one or not for shareholders? Shaa seemed to suggest that the end game of Anavio’s plan was not playing out as they expected due to the pressure of the large shareholder group.
Anavio get nothing close to the future value of the entire asset though in that scenario. What was the point of doing all this to drive the value down just to distress sell the assets to the JVP for a small amount that the SL takes anyway?
Anavio would have to ensure that they controlled the buying party and that only they came in so there wasn’t a bidding war.
Cash generating business plan Peter? How about injecting the gas and signing the JV that was on the table.
Tiburn - unless Anavio’s stooges are removed from the board I can’t see any hope of how value will be returned to shareholders. They’ve devalued their own assets in a public RNS announcement and clearly have not looked to increase production by gas injecting. This does not seem to be a BOD wrestling with technical or financial issues, more one that has created both for its own nefarious means.
I know RBM and co are fighting the good fight but I’m not even sure what victory looks like any more for normal shareholders. We might be able to sue the BoD over the long term but I’m not sure how anyone ever sees their investments back. Would love to be proven wrong, I just think as long as Anavio are in co tell they will always be working against the shareholders.
Dilute PI holding to nothing and then have majority ownership of an oil company’s assets worth billions that they’ve acquired for hardly anything.
Mick, in what way does the financing confirm a going concern? It even says in the RNS that it’s only for a few months remaining of the forbearance agreement.
The BoD could have injected the gas to increase production to pay the senior debt. That would have helped towards going concern.
Or accepted any JV offer that saw the debt serviced. That would have addressed going concern.
All they are doing is keeping the company alive long enough for Anavio to steal all the assets from shareholders.
I’m not sure what options even remain for the shareholder group now this financing has occurred.
Hopefully something from the large shareholder group now trading has closed?
Can’t be a coincidence this rise happened after the shareholder call yesterday. No update from RBM last night or today. Something obviously went on.